Cancer Biologics Market Size To Reach USD 87.6 Billion By 2024

September 27, 2017

The global cancer biologics market is expected to reach USD 87.6 billion by 2024 and is projected to grow substantially over the forecast period from 2017 to 2024. Increasing prevalence of cancer and patent expiry of related drugs is anticipated to boost the oncology biologics market.

According to World Cancer Research Fund International, in 2012, there were around 14 million such cases, and the number is anticipated to increase to 24 million by 2035. The surge of innovation in cancer treatment is expected to boost the market. As per the data enumerated by IMS Institute for Healthcare Informatics, the oncology drugs pipeline in clinical development from the past ten years has expanded by 63%.

In 2016, Asia Pacific accounted for 21.2% of overall market share and is anticipated to be the fastest growing region over the forecast period owing to significant shortage of cancer therapies and trained healthcare personnel. Several countries in this region have a national program in place to improve cancer care such as the National Cancer Control Programme in India.

Growing geriatric population coupled with the increasing prevalence of cancer in the elderly population in Japan is anticipated to boost the market. Increasing trend of medical tourism in South Asian countries such as India, Singapore, Thailand, and Malaysia is expected to provide an opportunity for the growth of oncology targeted therapies in the forecast period.

North America accounted for the highest market share in 2016, and it is anticipated to grow at a CAGR of 5.6% over the forecast period owing to the presence of a vast number of cancer biological drug and vaccine manufacturers. Increasing R&D investments coupled with the presence of active biologics pipeline supports the growth of the targeted therapies market.

Monoclonal antibodies segment accounted for 42.7% of overall market share in 2016 and is anticipated to dominate over the forecast period as it is one of the most crucial approaches against solid tumors. Cancer vaccine market is predicted to grow at a CAGR of 3.4% over the forecast period owing to limited toxicity content in these formulations. In addition, they are also being tested in clinical trials with hormonal therapy, radiation therapy, and targeted therapy.

Prominent players are investing in research & development activities, merger & acquisition strategies to widen their presence in the market. For instance, in 2016, McKesson Corporation acquired Vantage Oncology, LLC to expand its expertise in oncology globally.